Meda unveils property assurance scheme


  • Business
  • Wednesday, 13 Apr 2005

Meda Inc Bhd hopes to build up its image as a caring developer with the recent launch of an innovative property assurance scheme called Meda Assurance Generations Plan For Investment and Equity Programme (MAGPIE). 

Sales and marketing director Tan Beng Hwa said the scheme was one of the company’s initiatives to provide value added features to buyers of properties in Meda’s three ongoing projects - Nusa Dusun Orchard Resort in Kuala Linggi, Malacca; Semantan Avenue Suites in Damansara Heights, Kuala Lumpur; and Semaba Park in Kuching, Sarawak.  

“Although the scheme covers only three projects, we are looking to extend it to other upcoming projects if it proved to be popular. The market has become more competitive, with property buyers becoming more discerning and selective. We are constantly thinking of new ways to stay innovative and ahead of the competition,” Tan told StarBiz

He said the company would spend up to RM3.5mil to pay for the investment-linked insurance scheme that had been offered in association with Manulife Insurance (M) Bhd. 

Since its launch at the end of last month, four units have been sold in Semantan Avenue, three in Nusa Dusun and two in Semaba Park.  

The scheme comprises two components – the Property Value Protection Fund (PVPF) and Ownership Refurbishment Fund (ORF). The PVPF will provide property owners of Meda’s projects with a return that is on par with the value of the property after 35 years.  

Tan Beng Hwa

On top of the projected returns, owners are also given the flexibility of withdrawing the value in the investment account for educational or medical purposes. 

Under the ORF, purchasers will be given a certain amount of funds in proportion to the purchase value to refurbish their properties after 10 years. 

Tan said the primary aim of introducing the scheme was to give Meda’s property owners an assurance that their properties would not only appreciate in value, but would also be in a good condition given the available investment-linked funds.  

“Purchasers can now be happy with the knowledge that besides the value appreciation of their property, they will leave no burden to their family members at all but instead leave them with property that has doubled in value,” he said.  

 MEDAINC :  [Stock Watch]  [News]

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